Ordinance 2690-03 - Laserfiche WebLink

purchase certain Government Obligations (which obligations so purchased, are herein called "Acquired Obligations"), bearing such interest and maturing as to principal and interest in such amounts and at such times which, together with any necessary beginning cash balance, will provide for the payment of each of the following bonds that have been designated as "Refunded Bonds": (i) interest on the 1993 Refunded Bonds, if any, coming due on each date on which interest is due and payable, to and including July 1, 2003; and (ii) the redemption p rice o f the 1993 Refunded Bonds (101% o f t he principal amount thereof) on July 1, 2003. Such Acquired Obligations shall be purchased at a yield not greater than the yield permitted by the Code and regulations relating to acquired obligations in connection with refunding bond issues. (c) Appointment of Escrow Agent. The Finance Director is hereby authorized and directed to solicit proposals from and select a financial institution to act as the escrow agent for the R efunded B onds (the "Escrow A gent"). T he Refunding Bond proceeds designated in the foregoing subsection shall be transferred to the Escrow Agent in order to implement the refunding plan. A beginning cash balance, if any, and Acquired Obligations shall be deposited irrevocably with the Escrow Agent in an amount sufficient to defease the Refunded Bonds. The proceeds of the Refunding Bonds remaining after acquisition of the Acquired Obligations and provision for the necessary beginning cash balance shall be utilized to pay expenses o f t he acquisition and s afekeeping o f t he A cquired Obligations and expenses o f t he issuance of the Bonds and/or returned to the City for the payment of such expenses. -52- P:\CMW\CMW5NP 04/22/03